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A Comparison of a Will versus a Trust
Will Trust
Testamentary document Will Substitute
Effective only at death Effective immediately upon signing
Requires Probate A trust, if properly funded avoids the probate process, the settlement process - transferring of assets to the beneficiaries is accomplished without involving a court
The Probate Court uses the will to parcel out the property of the deceased thereby giving the heirs "good title and ownership rights to the property" Must be funded - funding is the re-titling of assets i.e. changing ownership from the trust maker to the trust
Can be, and often is, easily challenged by disgruntled heir Trusts are very difficult to challenge
Wills are cheap up front but expensive at death - pay me now or pay me later More expensive up front, but less expensive and considerably faster at death
Does not protect against mental incapacity Trust protects the trust maker in the case of mental incapacity

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